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Consumer Law

: Caveat Emptor

Bank of America Eases Burden for Home Owners

By Randall Ryder

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Bank of America (BOA) has announced they will provide some relief to homeowners with underwater mortgages. BOA said it will forgive up to 30% of the total mortgage for homeowners who are at least 2 months behind in payments and owe at least 20% more than their home is worth.

That’s the good news. The bad news is that this plan is part of settlement between BOA and state attorney generals over charges of high-risk loans originated by Countrywide Financial. BOA acquired Countrywide in 2008, after the high risk loans had already been issued. After the acquisition, BOA stopped  making the loans.

Regardless of the motivation for the policy shift, the move will hopefully put pressure on other lenders to make similar offers to customers. BOA estimates about 45,000 customers will qualify for their plan.

Bank of America to Start Reducing Principal on ‘Underwater’ Mortgages | Huffington Post

(photo: Transguyjay)

Full post as published by Caveat Emptor on April 19, 2010 (boomark / email).

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